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After a very sharp uptrend movement, stock is consolidating sideways for a long time.
If a major resistance is break with high volumes we can see further upside movement for the ATH.
If a major support is break with high volumes we can see further downside movement.
A weekly supportive level with a daily trend line that too supportive if both broken downwards cant give u good momentum unless a big gap down takes places with follow-up selling on it making it a gap down power candle (RED). Well, we can't see that happening here + it also has good resistance on the upper = it needs a big (green) candle power one with volumes...
Nifty taking support at 100EMA (wkly) as well as a strong weekly trendline. Expecting a sideways phase of 2-3 months in a small range of 10800 - 11100 before it breaks the trendline to travel towards 10000 level. Swing traders need to be careful in this period. It will be safer to go for intraday moves and not carry position overnight
Wipro is trading sideways between 280 and 300 as we could see in chart. Currently the stock is in the lower bottom of the range making it an opportunity from Risk-Reward perspective to go long.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas....
